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Australian (ASX) Metals and Mining Industry Analysis

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies684
  • 7D-8.7%
  • 3M0.1%
  • 1Y34.2%
  • YTD-3.0%

Over the last 7 days, the Metals and Mining industry has dropped 5.3%, driven by declines in BHP Group and Northern Star Resources of 5.2% and 29%, respectively. In contrast, Sims has gained 17%. Over the past 12 months, the industry was up 41%. Looking forward, earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

Has the Australian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Mar 2026AU$608.6bAU$204.9bAU$26.1b13.2x23.3x3x
Sun, 15 Feb 2026AU$678.6bAU$191.9bAU$18.9b24.2x35.8x3.5x
Tue, 13 Jan 2026AU$653.9bAU$196.9bAU$19.0b24.8x34.4x3.3x
Thu, 11 Dec 2025AU$599.2bAU$198.6bAU$19.0b21.8x31.6x3x
Sat, 08 Nov 2025AU$552.4bAU$201.8bAU$19.5b20x28.3x2.7x
Mon, 06 Oct 2025AU$556.6bAU$199.8bAU$19.0b21.8x29.2x2.8x
Wed, 03 Sep 2025AU$516.9bAU$202.3bAU$19.5b15.7x26.6x2.6x
Fri, 01 Aug 2025AU$455.8bAU$206.1bAU$21.9b13.6x20.8x2.2x
Sun, 29 Jun 2025AU$439.9bAU$204.4bAU$21.6b12.9x20.3x2.2x
Tue, 27 May 2025AU$448.8bAU$204.7bAU$21.6b12.4x20.7x2.2x
Thu, 24 Apr 2025AU$421.8bAU$206.9bAU$22.0b11.9x19.2x2x
Sat, 22 Mar 2025AU$433.8bAU$209.6bAU$22.3b11.4x19.4x2.1x
Mon, 17 Feb 2025AU$461.0bAU$213.0bAU$22.3b13.5x20.7x2.2x
Wed, 15 Jan 2025AU$447.2bAU$214.9bAU$21.8b11.9x20.5x2.1x
Fri, 13 Dec 2024AU$464.5bAU$209.8bAU$21.0b13x22.1x2.2x
Sun, 10 Nov 2024AU$475.1bAU$206.0bAU$20.6b12.1x23.1x2.3x
Tue, 08 Oct 2024AU$483.7bAU$201.9bAU$20.0b12x24.1x2.4x
Thu, 05 Sep 2024AU$412.5bAU$204.0bAU$19.9b12.9x20.7x2x
Sat, 03 Aug 2024AU$444.5bAU$211.7bAU$21.5b13.3x20.7x2.1x
Mon, 01 Jul 2024AU$461.9bAU$208.1bAU$20.7b13.4x22.3x2.2x
Wed, 29 May 2024AU$510.2bAU$209.3bAU$21.0b14.9x24.3x2.4x
Fri, 26 Apr 2024AU$499.5bAU$213.0bAU$21.6b13.7x23.1x2.3x
Sun, 24 Mar 2024AU$481.7bAU$214.3bAU$21.8b12.2x22.1x2.2x
Tue, 20 Feb 2024AU$500.8bAU$208.1bAU$30.3b11.9x16.5x2.4x
Thu, 18 Jan 2024AU$539.9bAU$223.7bAU$32.9b11.7x16.4x2.4x
Sat, 16 Dec 2023AU$567.7bAU$220.4bAU$32.2b11.1x17.6x2.6x
Mon, 13 Nov 2023AU$524.2bAU$228.2bAU$33.8b10.3x15.5x2.3x
Wed, 11 Oct 2023AU$516.8bAU$227.3bAU$33.9b10.3x15.3x2.3x
Fri, 08 Sep 2023AU$521.8bAU$228.0bAU$34.4b12.1x15.2x2.3x
Sun, 06 Aug 2023AU$545.9bAU$236.0bAU$49.4b9.5x11.1x2.3x
Tue, 04 Jul 2023AU$550.8bAU$233.9bAU$48.8b10.1x11.3x2.4x
Thu, 01 Jun 2023AU$517.3bAU$238.2bAU$50.1b9.5x10.3x2.2x
Sat, 29 Apr 2023AU$544.0bAU$235.7bAU$49.5b9.6x11x2.3x
Mon, 27 Mar 2023AU$515.7bAU$229.8bAU$48.1b9.3x10.7x2.2x
Price to Earnings Ratio

10.7x


Total Market Cap: AU$515.7bTotal Earnings: AU$48.1bTotal Revenue: AU$229.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 20.9x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.7x which is higher than its 3-year average PE of 20.9x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 19% per year over the last three years,
  • Revenues have also declined 4.0% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Australian Materials industry?

AU Market-1.91%
Materials-8.26%
Metals and Mining-8.67%
Steel-2.44%
Aluminum-6.13%
Diversified Metals and Mining-6.87%
Copper-7.01%
Precious Metals and Minerals-12.75%
Gold-16.17%
Silver-21.71%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 3.2x.
    • Analysts are expecting annual earnings growth of 24.6%, which is lower than the prior year's growth of 111.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 25% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Silver industry is expected to see its earnings decline by 38% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SGM SimsAU$21.2217.0%
+AU$597.1m		38.2%PS0.5x
DTR Dateline ResourcesAU$0.4824.7%
+AU$346.1m		11,900.0%PS1369.8x
GRR Grange ResourcesAU$0.205.3%
+AU$11.6m		-4.8%PE5x
PL3 Patagonia LithiumAU$0.1842.3%
+AU$11.4m		140.3%PB3.5x
GL1 Global Lithium ResourcesAU$0.548.0%
+AU$10.5m		200.0%PS58.4x

Latest News

TZN
AU$0.03
Terramin Australia
7D
15.4%
1Y
-62.0%
MIN
AU$51.42
Mineral Resources
7D
-11.7%
1Y
119.8%

MIN: Slightly Higher Fair Value Will Reflect Balanced Profitability And Multiple Assumptions

The analyst price target for Mineral Resources has been adjusted slightly higher to A$59.85 from A$59.77, with analysts citing updates in profit margin assumptions and valuation multiples as key drivers of the change. Valuation Changes Fair Value: A$59.77 to A$59.85, reflecting a very small upward adjustment in the modelled estimate.
BHP
AU$48.35
BHP Group
7D
-5.2%
1Y
23.6%
PLS
AU$4.13
PLS Group
7D
-13.6%
1Y
111.8%

PLS: Higher Margins And Steady Output Will Support Stronger Share Pricing

Analysts have modestly revised their price target on PLS Group to A$5.80. This reflects slightly updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping their overall valuation view broadly unchanged.
ESR
AU$0.033
Estrella Resources
7D
13.8%
1Y
17.9%
NST
AU$18.96
Northern Star Resources
7D
-29.2%
1Y
3.6%
SGM
AU$21.22
Sims
7D
17.0%
1Y
38.2%

SGM: Lifecycle Services Strength And Investor Days Will Support Future Upside

Analysts have nudged their price target for Sims higher, with fair value moving from about A$20.45 to roughly A$20.74. This reflects updated assumptions on discount rate, revenue growth, profit margins and future P/E after recent research highlighted stronger Sims Lifecycle Services EBITDA supported by higher chip prices, resale volumes and hyperscaler service fees.
S32
AU$4.05
South32
7D
-6.9%
1Y
11.9%
DTR
AU$0.48
Dateline Resources
7D
24.7%
1Y
11,900.0%
FMG
AU$19.04
Fortescue
7D
-3.3%
1Y
19.4%

FMG: Sector Commodity Reset Will Shape Fair Value And Dividend Outlook

Analysts have trimmed their price target on Fortescue to A$17.20 from A$18.40, reflecting updated commodity price assumptions and a view that softer revenue growth and profit margins, together with a higher future P/E and discount rate, temper the upside case for the shares. Analyst Commentary Recent research updates on Fortescue point to a more cautious stance, with analysts recalibrating their views after revising long term commodity price assumptions and sector wide expectations for Australian metals and mining names.
EVN
AU$12.21
Evolution Mining
7D
-12.5%
1Y
77.5%

EVN: Updated Commodity Assumptions And Dividend Outlook Will Support Stronger Future Profitability

Narrative Update on Evolution Mining The analyst fair value estimate for Evolution Mining has shifted from A$14.25 to A$18.25, with analysts pointing to updated commodity price decks and refreshed gold and precious metals models. These updates have also led to higher price targets in recent Street research.
GMD
AU$5.51
Genesis Minerals
7D
-17.3%
1Y
53.1%
GRR
AU$0.20
Grange Resources
7D
5.3%
1Y
-4.8%
PL3
AU$0.18
Patagonia Lithium
7D
42.3%
1Y
140.3%
GL1
AU$0.54
Global Lithium Resources
7D
8.0%
1Y
200.0%
VTM
AU$1.40
Victory Metals
7D
5.3%
1Y
262.3%